PremiumMUMBAI : Public sector lender Union Bank of India said it conducted a vaccination drive at Thane region through e-Rupi prepaid voucher module, an innovative digital solution recently introduced by National Payment Corporation of India (NPCI).
Union Bank Social Foundation Trust (UBSFT), an arm of Union Bank of India, has been carrying out this activity in Thane region to provide seamless one-time payment mechanism whereby the voucher can be redeemed without a card, digital payment app or internet banking access.
This e-Rupi is shared with the beneficiaries for a specific purpose, which in this case for covid-19 vaccination, via SMS or QR code. Union Bank said that the major benefits of e-Rupi are end-to-end digital transaction leading to cost reduction; voucher redemption can be tracked by the issuer; quick, safe and contactless voucher distribution; quick redemption process; lesser decline due to pre-blocked amount and the fact that no digital or bank presence is required.
On 2 August, Prime Minister Narendra Modi launched a new digital payment system that can ensure that financial aid, including state benefits and charitable contributions, is used only for the intended purpose. The e-Rupi payment system, developed by NPCI, can be used to send funds to a beneficiary’s mobile phone for a specific purpose in the form of a quick response code or a text-based e-voucher. This can then be used to purchase specified goods or services, ensuring that the funds are used for the intended purpose.
Modi said that this payment system is being used in the health sector in the initial phase, Mint reported on 3 August. This payment system has the potential to transform the way the government pays fertilizer subsidies. After implementing direct benefits transfer in the case of cooking gas, scholarships and some other benefits, the government is keen on implementing the same for providing fertilizer subsidies.
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